Software problem led to cannabis recall in Colorado
A software error in the Colorado Marijuana Enforcement Division’s inventory tracking system led to nine cannabis retail stores in the state issuing recalls stemming from mold and yeast concerns. A glitch in the Metrc marijuana tracking software resulted in nine batches of contaminated flower and trim being delivered to the retailers, Denver alt-weekly newspaper Westword reported.
Canadian marijuana firm Organigram’s revenues jump 503%
Canadian cannabis company Organigram on Monday reported that its revenue soared by 503% to 19.23 million Canadian dollars ($14.5 million) in its fiscal fourth quarter, compared with CA$3.19 million in the same period a year ago. Organigram, which trades on the Nasdaq as OGI, experienced a net loss of CA$22.5 million compared with a profit of CA$18.1 million during its fiscal fourth quarter in 2018, which ended Aug. 31.
A chart displaying the quarterly earnings for major cannabis companies is available here.
Cannabis firm MJardin posts drop in revenue, quarterly loss
MJardin, a marijuana production company with offices in Denver and Toronto, on Monday reported revenue of 7.6 million Canadian dollars ($5.7 million) in the third quarter, compared with revenue of CA$9.15 million during the same period a year earlier. MJardin, which trades on the Canadian Securities Exchange as MJAR, also reported a net loss of CA$3.6 million in the quarter ending on Sept. 30, compared with a gain of CA$1.6 million a year earlier.
A chart displaying the quarterly earnings for major cannabis companies is available here.
Florida legislation could open up marijuana market in state
Two bills were introduced in the Florida Legislature that would break up the state’s vertically integrated medical cannabis regulatory structure, the Miami New Times reported. The bills come at a time that a drawn-out case challenging the constitutionality of the structure is set to be resolved by the Florida Supreme Court. Cannabis businesses are waiting for a resolution, with the expectation that new licensing opportunities will open up in the huge, fast-growing market, according to New Times.
An audio look at the top cannabis stories last week
Our podcast, “This Week in Marijuana Business News,” looks at a U.S. House panel passing a landmark cannabis legalization bill, Michigan handing out adult-use MJ licenses and the cloudy future of California’s cannabis operations, among other topics.